DFX Intelligence
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Borrower
N•• L••• C•••••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: N•• L••• Vision Group Inc; NL1 AcquireCo, Inc
What matters now
- 97¢ → 93¢consensus mark
Consensus mark 93¢ on cost, down from 97¢ a year ago, 95¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - $47.8Mprincipal outstanding
$47.8M principal held by 2 lenders; matures May 2028.
Q2 2026 · Refinancing is due in 19 months at a 93¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
97¢ · 95¢ · 96¢ · 95¢ · 93¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
93¢95¢
Principal held
at least $47.8M
sum of BDC pieces, a lower bound
Fair value
$48.2M
93c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
May 1, 2028
$47.8M inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••• C•••••• B••• I••• | $37.3M | 93¢ | -1 pts |
| G•••• C•••••• P•••••• C••••• F••• | $10.5M | 95¢ | -2 pts |
Every BDC piece · 10 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $24.8M | $24.8M 90c | S+525 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop | $10.5M | $10.5M 95c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $5.8M | $5.8M 101c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $4.1M | $4.1M 101c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | N••••••••• I••••• | $1.5M | $1.5M 92c | S+525 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B••• I••• | term loan first lien One stop 5 | N••••••••• I••••• | $800,000 | $800,000 93c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 7 | N••••••••• I••••• | $142,000 | $142,000 104c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 6 | N••••••••• I••••• | $129,000 | $129,000 103c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 8 | N••••••••• I••••• | $0 | $0 0c | S+525 bp |
| G•••• C•••••• B••• I••• | equity equity LP interest | N••••••••• I••••• | Not disclosed | $453,000 111c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $47.8M | 93c | S+525 bp | May 1, 2028 | 4 |
| first lien delayed draw term loan first lien exited Sep 30, 2023 | at least $382,000 | 78c | S+550 bp | May 26, 2028 | 1 |
Equity pieces beside the debt: equity ($453,000 fair value, 2 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 2 | $47.8M | $47.8M | 93c | 0 |
| Mar 31, 2026 | 2 | $48.7M | $48.7M | 95c | 0 |
| Dec 31, 2025 | 2 | $49.4M | $49.4M | 96c | 0 |
| Sep 30, 2025 | 2 | $97.8M | $97.8M | 95c | 6 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $50.0M | $50.0M | 97c | 3 |
| Mar 31, 2025 | 2 | $47.9M | $47.4M | 92c | 3 |
| Dec 31, 2024 | 2 | $47.9M | $47.4M | 92c | 3 |
| Sep 30, 2024 | 2 | $50.1M | $48.1M | 93c | 3 |
| Jun 30, 2024 | 2 | $49.5M | $47.5M | 93c | 3 |
| Mar 31, 2024 | 3 | $49.9M | $47.9M | 92c | 5 |
| Dec 31, 2023 | 3 | $50.6M | $48.1M | 92c | 5 |
| Sep 30, 2023 | 4 | $48.9M | $46.4M | 90c | 0 |
| Jun 30, 2023 | 3 | $38.6M | $36.7M | 90c | 0 |
| Mar 31, 2023 | 3 | $38.1M | $36.1M | 89c | 0 |
| Dec 31, 2022 | 2 | $47.1M | $44.7M | 92c | 0 |
| Sep 30, 2022 | 3 | $47.3M | $46.4M | 92c | 0 |
| Sep 30, 2021 | 1 | $22.1M | $21.2M | 98c | 0 |
What changed
- Maturity approachingMay 1, 2028
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- Mark recoveredJun 30, 2025
Full timeline · 21 eventsShow fewer
- PIK interest appearsDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- New lender joined a facilitySep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
- Lender left a facilityMar 31, 2023
- Marked down across lendersDec 31, 2022
- Marked down (one lender)Dec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New lender joined a facilitySep 30, 2022
- New borrower on a BDC scheduleSep 30, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- N•• L•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived